70.2K

Verified Solution

Link Copied!

Journal Entres and Thal Ealance On August 1, 20Y?. Rafael Masey established Ptariet Realty, which completed the following transictions during the month: a. Rafael Masey transferted cash from a persanal bank accounk to an account to be used for the business in exchange for Cimmon Stock. $22. Ooo. b. Purchased supples on account, 51,190 . c. Earned sales commussons, receiving cash, 518,260 . d. Paid rent on office and equipment for the menth, 54,020 . e. Paid creditor on account, $440 f. Paid dividends, $1,080 9. Paid autornobile expenses (indiding rental charge) for month, $1,110, and miscellaneouv expenues, 5750 . h. Paid oftice salaries, $2,340 1. Determined that the cost of supplieszused was 5660 to idenbify the transactions. Determine the account belances, after all peatmg iw complote, Accounts containing enly a simgle entry do not need a belance Common Stock Dividends Sales Commissions Rent Expense Office Salaries Expense Automobile Expense Automobile Expense Supplies Expense Miscellaneous Expense 3. Prepare an unadjusted trial balince as of Augst 31, 20r? tist all accounts in the order of Assets, Liabilitiek, Stociholders' equity, Bevenues, and Expenses, for those boxes in which no entry is required, leave the box bisonk 4. Determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger. c. Amount of net income for August. Journal Entres and Thal Ealance On August 1, 20Y?. Rafael Masey established Ptariet Realty, which completed the following transictions during the month: a. Rafael Masey transferted cash from a persanal bank accounk to an account to be used for the business in exchange for Cimmon Stock. $22. Ooo. b. Purchased supples on account, 51,190 . c. Earned sales commussons, receiving cash, 518,260 . d. Paid rent on office and equipment for the menth, 54,020 . e. Paid creditor on account, $440 f. Paid dividends, $1,080 9. Paid autornobile expenses (indiding rental charge) for month, $1,110, and miscellaneouv expenues, 5750 . h. Paid oftice salaries, $2,340 1. Determined that the cost of supplieszused was 5660 to idenbify the transactions. Determine the account belances, after all peatmg iw complote, Accounts containing enly a simgle entry do not need a belance Common Stock Dividends Sales Commissions Rent Expense Office Salaries Expense Automobile Expense Automobile Expense Supplies Expense Miscellaneous Expense 3. Prepare an unadjusted trial balince as of Augst 31, 20r? tist all accounts in the order of Assets, Liabilitiek, Stociholders' equity, Bevenues, and Expenses, for those boxes in which no entry is required, leave the box bisonk 4. Determine the following: a. Amount of total revenue recorded in the ledger. b. Amount of total expenses recorded in the ledger. c. Amount of net income for August

Answer & Explanation Solved by verified expert

See Answer